Indian Soonicorns Leads Job Creation Surge, OpenAI Restructures Venture Fund

Indian Soonicorns Spearhead Job Creation Surge, Fueled by Fintech Dominance

Indian soonicorns, having raised over $15 billion and valued at $40 billion, have generated 1.26 lakh jobs. Bengaluru, Mumbai, and Delhi NCR host 90 percent of these opportunities, with Ecom Express leading with 10,990 employees. Fintech leads in job creation, with over 35,000 positions, followed by ecommerce and enterprise tech. ESOPs are key for talent retention, with startups like MyGate and Classplus offering buyback programs. India aims for 280 unicorns by 2030, led by fintech, ecommerce, and enterprise tech. Despite market corrections, hopes of funding revival signal potential job growth.

OpenAI Restructures Venture Fund, Alters Sam Altman's Ownership

OpenAI has revised the governance structure of its venture capital fund supporting AI startups, removing CEO Sam Altman's ownership and control, as per a recent SEC filing. Altman's ownership had raised concerns due to its unusual setup, where he made investment decisions despite raising funds from external limited partners. The fund's control now lies with Ian Hathaway, a partner since 2021. Altman, no longer a general partner, has been replaced by Hathaway, who has previously overseen the fund's accelerator program and led investments in various companies. Altman's diverse investment interests, including in crypto and fusion technology, have drawn scrutiny in the past. An independent investigation post Altman's departure from OpenAI found no wrongdoing regarding product safety or finances.

LG Manoj Sinha Releases Publication on Sant Mauni Baba's Life, Encourages Young Innovator

Lieutenant Governor Manoj Sinha unveiled the second edition of "Prerna Srot: Vilakshan Sant Mauni Baba ki Punya Katha," penned by Dr. Abhishek Kumar Upadhyay. Concurrently, he met 15-year-old innovator Master Karman Singh, lauding his exceptional accomplishments and extending best wishes for his future. Later, Ankush Gupta, Founder of Jammu Startup Community, along with filmmaker Atul Vinod Duggal, paid a visit to the Lieutenant Governor. The event highlighted Sinha's support for both literary endeavors and budding talent in innovation, fostering a spirit of inspiration and encouragement within the community.

SAIL Partners with Sentra.world to Lead Carbon Emission Reduction in Steel Industry

In a landmark move for the steel industry, Steel Authority of India Limited (SAIL) has partnered with Bengaluru-based startup Sentra.world to pioneer carbon emission reduction in steel production. This collaboration aims to utilise Sentra.world's advanced carbon tracking software at SAIL's Durgapur Steel Plant and Environment Management Division. The software, powered by AI and blockchain technology, will help identify and implement strategies to cut down carbon footprints, showcasing SAIL's commitment to eco-friendly practices. This initiative underscores SAIL's dedication to fostering a sustainable future for the steel industry and received praise from key figures within SAIL's central and Durgapur plant teams. The partnership signifies a significant step towards minimising the environmental impact of steel production, supporting India's economic development while preserving the environment.

BYJU's Edtech Stumbles as Salary Delays Persist, Blaming Foreign Investors

Embattled Indian edtech giant BYJU's has again delayed salary payments, citing constraints imposed by certain foreign investors on its fund usage. The company, once India's most valuable startup, is struggling to clear dues from February and March, partially fulfilling February's wages. In an email to employees, BYJU's attributed the delay to "misguided foreign investors" obtaining an interim order, restricting access to funds raised through a rights issue. Despite the setback, BYJU's reassures employees of disbursing salaries by April 8, leveraging a parallel line of credit. Notably, investors like Prosus NV, General Atlantic, Sofina, and Peak XV Partners, backed by Tiger Global and Owl Ventures, challenged BYJU's $200-million rights issue at a 99 percent discount to its peak valuation of $22 billion, seeking NCLT intervention. BYJU's awaits approval to utilise funds from the rights issue, navigating legal hurdles amidst financial strains.